17th Sep 2019 10:01
(Alliance News) - Irish healthcare services firm Uniphar PLC on Tuesday said it swung to a profit on rising revenue in its first interim results since its July listing in London.
In the six months to June 30, revenue rose 20% to EUR800.6 million from EUR669.2 million. The company made a pretax profit of EUR11.6 million, swung from a EUR771,000 loss in the first half of 2018.
Uniphar's Supply Chain & Retail services - which distributes pharmaceutical, healthcare and animal health products to pharmacies, hospitals and veterinary surgeons in Ireland - is the company's largest unit by revenue. This segment had a 5.7% rise in revenue to EUR651.1 million from EUR616.0 million.
The Commercial & Clinical Services business, the next highest contributor, delivered sharp revenue growth during the half. Revenue more than quadrupled to EUR98.1 million from EUR21.7 million. The unit provides commercial and clinical to manufacturers and other healthcare operators.
Uniphar added that this division was helped by Sisk Healthcare and Angiocare BV, two companies it acquired in the second half of 2018. Both companies are performing well ahead of last year, delivering strong growth in UK and European markets, it said.
Product Access, which offers services including the supply of non-licensed medicines, had revenue growth of 64% to EUR51.4 million from EUR31.4 million.
Like last year, the company did not declare an interim dividend.
Uniphar said: "In the first half of the year, the business has performed in line with the Board's expectation, with growth across all three divisions, reflecting the benefit from recent acquisitions and strong organic growth. Uniphar is well positioned to deliver an outcome for the full year 2019 in line with its plan."
The Dublin-based company started trading on AIM in July. It priced its initial public offering at EUR1.15 per share.
The stock was 1.8% higher at EUR1.14 each in London on Tuesday morning.
Related Shares:
Uniphar